Board adopts proposed tax levy for 2012-13 school year
At its meeting on April 19, the Green Island Board of Education approved a proposed tax levy of $3,139,000 for the 2012-13 school year. If voters approve the spending plan, the tax levy—the total amount of money a school district can raise through property taxes—would increase by 12.47 percent.
The proposal decreases spending over the current year by $274,031, or 3.87 percent.
"However, due to a reduction in state aid of approximately $607,162 less than the district received three years ago, a decrease in federal aid of $180,000 less than the district received two years ago, and a loss of $348,080 in revenue from the Green Island Power Authority (GIPA), the district is seeking an increase in the tax levy," said Superintendent Dr. Michael Mugits. "This increase is equal to the amount of funding lost from GIPA."
Impact of the
property tax levy cap
Although some politicians and the media have referred to it as a “2 percent tax cap,” the new tax levy cap legislation requires every district to calculate its own “tax levy limit.”
Because of the way the tax levy limit calculation works, the decrease in the GIPA payment amount for next year makes Green Island’s total tax levy limit 13.946 percent. The proposed tax levy increase of 12.47 percent is below the total tax levy limit allowed under the new law, which means the district needs a simple majority (50 percent plus one) of voters to approve the proposed budget.
More budget details will be posted on the district website over the next couple of weeks, and will be included in a newsletter set to hit mailboxes in early May. Residents are also encouraged to attend the public hearing on Thursday, May 3 at 7 p.m.
Residents will vote on the proposed budget plan on Tuesday, May 15.